Prompt xBorder is an electronic image-based check clearing system that presents advanced means to clear checks between your bank and other banks residing in different countries. The solution deploys an electronic exchange of captured check images in place of the physical movement of paper checks to and from off-shore branches and cross-border correspondent banks, guaranteeing instantaneous check transmission across national borders.
With availed legal infrastructure, your bank can send check images electronically across the country without requiring physical presentment of the original item. This new concept for cross-border check imaging and clearing can be facilitated for on-us items with your off-shore branches and for correspondent banks items as well.
Prompt xBorder provides automatic verification of check signatures when integrated with PS-ASV, the Automatic Signature Verification Solution.
By conducting an instantaneous exchange of check images and data, Prompt xBorder considerably shortens your bank's check clearing cycle. This results in extended deposit deadlines and earlier access to funds, allowing for better fund management and improved economic performance.
Prompt xBorder's revolutionary clearing practice plays a significant role in fighting fraudulent items moving across your bank; the expedited check clearing cycle translates into reduced check float and faster fund recognition.
As geographic restraints are diminished, expansion of your market presence and the creation of a new flow of revenue are made possible. Your clients are encouraged to open checking accounts and consolidate their banking practices with your bank.
The migration of paper to electronic checks brings you massive reduction in expenses incurred by the physical transfer; Prompt xBorder removes operational overhead costs and cuts down international courier expenses. Requiring no physical paper movement reduces the risk of check losses and delays, enhancing security of exchanging checks while saving time and labor effort at your bank.
Global exchange of check images and data via Prompt xBorder is carried out with compliance to international standards. Prompt xBorder works in full compliance with the introduced standards of the American National Standard Institute (ANSI) that address the specifications for Electronic Check Image and Data Exchange, allowing both outward and inward exchange of these files.
Prompt xBorder complies with Check Clearing for the 21st Century Act (Check 21 Act), the legislation introduced by the United States of America to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. Through capturing check images and permitting banks to truncate original checks, Prompt xBorder facilitates the use of substitute checks which as per Check 21 Act can serve as the legal equivalent of the original in the check clearing process. The solution processes check information electronically and delivers substitute checks to banks that want to continue receiving paper checks.
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